SINGAPORE: As Singapore charts its economic blueprint amid global uncertainties, it is strategising ways to bring in more high-growth companies, encourage local firms to go overseas and become a global node for flows of data and low-carbon energy.
These are some of the “bolder moves” and “calibrated risks” that the government's Economic Strategy Review team is focusing on to boost economic growth in the years ahead, Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow said on Wednesday (Nov 19).
Mr Siow, who co-chairs the review's committee on global competitiveness, also said it hopes to put up a mid-term report around next year’s Budget and receive some funding support.
"But between now (and then), it doesn't mean that we're waiting for the report before we implement these ideas. As we go along, when the ideas make sense, we will roll them out and start to execute," said Mr Siow.
The government’s Budget is typically announced in February.
Official projections state that Singapore's economy is set to grow by 2 to 3 per cent annually over the next decade. Deputy Prime Minister Gan Kim Yong has said the country should try to take advantage of opportunities and aim higher over the next few years.
Mr Siow said the review’s mission is to look for strategies to push up GDP growth to “the higher end of this 2 to 3 per cent range”.
“If we are successful, some years hopefully we’ll be able to go faster and higher than trend, maybe 4 per cent in good years. And then overall, over the decade, we will be able to be on the higher end of the range,” he told reporters.
He added that the “bottomline” objective of economic growth is to create good jobs for Singaporeans.
Singapore launched a review of its economic strategy in August, amid structural shifts including geopolitical realignments and technological disruptions.
This is part of the work of the Singapore Economic Resilience Taskforce (SERT), formed in April to deal with the impact of tariffs imposed by the United States.
The economic strategy review comprises five committees, which will publish a report outlining their recommendations by mid-2026. Each committee is fronted by two political office holders.
They are tasked to develop longer-term strategies in five areas: strengthening global competitiveness, leveraging technology and innovation, nurturing entrepreneurship, enhancing human capital and managing the impact of restructuring.
The minister, who is also a member of SERT, was speaking on the sidelines of an engagement with more than 70 business leaders organised with the Singapore Business Federation (SBF) as part of the review. The engagement session was closed to the media.
The review’s committees have engaged about 3,000 people so far, including business leaders and members of labour and trade associations, said Mr Andrew Kwan, vice-chair of SBF.
Senior Minister of State for Culture, Community and Youth, and Trade and Industry Low Yen Ling and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow during a breakout discussion with business leaders at Capital Tower on Nov 19, 2025. (Photo: CNA/Tan Wen Lin)
In order to uplift Singapore's global competitiveness, Mr Siow said the review's approach is to enhance Singapore’s value proposition as an investment destination.
This includes partnering multinational corporations already in Singapore to realise more innovative and high-value projects here, he said.
It also involves working to bring in more high-growth companies in industries like robotics, artificial intelligence, precision medicine and advanced manufacturing.
As for encouraging more Singapore-based companies to go overseas, Mr Siow said the government has been “quite measured” in its support so far.
“A lot of it (has been) encouraging them to enter new markets, but we are looking at how best to support them in doing other things, for example, doing new products in overseas markets,” he said.
Singapore-based companies can have an “outsized influence in the global economy”, he added, citing port operator PSA International and agribusiness group Wilmar International, which have sizeable overseas operations, as examples.
Another area being explored is doing more to make Singapore a “hub of flows”.
Mr Siow noted Singapore has traditionally been a hub for goods, talent and financial capital.
“Increasingly, there are new flows. Data, energy are such examples. But the way these new flows are configured are quite different from the traditional supply chains for goods and services, for example.
“It’s not so easy for Singapore to be at the centre of these flows because we are physically constrained. Data centres need energy and the new forms of renewable energy – we are disadvantaged,” said the minister.
“But we are studying how to turn some of these constraints into our strengths. We have done this before with water, and we're looking at how we can do the same with, for example, low-carbon energy.”
Mr Siow also pointed to artificial intelligence, saying that Singapore must play to its strengths as the competition to be a global AI hub is “very, very stiff”.
“If we are able to be one of the three to four global AI hubs in the world, we will strengthen our economy and create good jobs for the future,” he said.
While Singapore has embarked on a national AI strategy, it can do more to coordinate efforts and open up more sandboxes in key industries like healthcare, logistics and finance, said Mr Siow.
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These are some of the “bolder moves” and “calibrated risks” that the government's Economic Strategy Review team is focusing on to boost economic growth in the years ahead, Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow said on Wednesday (Nov 19).
Mr Siow, who co-chairs the review's committee on global competitiveness, also said it hopes to put up a mid-term report around next year’s Budget and receive some funding support.
"But between now (and then), it doesn't mean that we're waiting for the report before we implement these ideas. As we go along, when the ideas make sense, we will roll them out and start to execute," said Mr Siow.
The government’s Budget is typically announced in February.
Official projections state that Singapore's economy is set to grow by 2 to 3 per cent annually over the next decade. Deputy Prime Minister Gan Kim Yong has said the country should try to take advantage of opportunities and aim higher over the next few years.
Mr Siow said the review’s mission is to look for strategies to push up GDP growth to “the higher end of this 2 to 3 per cent range”.
“If we are successful, some years hopefully we’ll be able to go faster and higher than trend, maybe 4 per cent in good years. And then overall, over the decade, we will be able to be on the higher end of the range,” he told reporters.
He added that the “bottomline” objective of economic growth is to create good jobs for Singaporeans.
Singapore launched a review of its economic strategy in August, amid structural shifts including geopolitical realignments and technological disruptions.
This is part of the work of the Singapore Economic Resilience Taskforce (SERT), formed in April to deal with the impact of tariffs imposed by the United States.
The economic strategy review comprises five committees, which will publish a report outlining their recommendations by mid-2026. Each committee is fronted by two political office holders.
They are tasked to develop longer-term strategies in five areas: strengthening global competitiveness, leveraging technology and innovation, nurturing entrepreneurship, enhancing human capital and managing the impact of restructuring.
The minister, who is also a member of SERT, was speaking on the sidelines of an engagement with more than 70 business leaders organised with the Singapore Business Federation (SBF) as part of the review. The engagement session was closed to the media.
The review’s committees have engaged about 3,000 people so far, including business leaders and members of labour and trade associations, said Mr Andrew Kwan, vice-chair of SBF.
Senior Minister of State for Culture, Community and Youth, and Trade and Industry Low Yen Ling and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow during a breakout discussion with business leaders at Capital Tower on Nov 19, 2025. (Photo: CNA/Tan Wen Lin)
DOING MORE WITH COMPANIES
In order to uplift Singapore's global competitiveness, Mr Siow said the review's approach is to enhance Singapore’s value proposition as an investment destination.
This includes partnering multinational corporations already in Singapore to realise more innovative and high-value projects here, he said.
It also involves working to bring in more high-growth companies in industries like robotics, artificial intelligence, precision medicine and advanced manufacturing.
As for encouraging more Singapore-based companies to go overseas, Mr Siow said the government has been “quite measured” in its support so far.
“A lot of it (has been) encouraging them to enter new markets, but we are looking at how best to support them in doing other things, for example, doing new products in overseas markets,” he said.
Singapore-based companies can have an “outsized influence in the global economy”, he added, citing port operator PSA International and agribusiness group Wilmar International, which have sizeable overseas operations, as examples.
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BECOMING A HUB FOR FLOWS, AI
Another area being explored is doing more to make Singapore a “hub of flows”.
Mr Siow noted Singapore has traditionally been a hub for goods, talent and financial capital.
“Increasingly, there are new flows. Data, energy are such examples. But the way these new flows are configured are quite different from the traditional supply chains for goods and services, for example.
“It’s not so easy for Singapore to be at the centre of these flows because we are physically constrained. Data centres need energy and the new forms of renewable energy – we are disadvantaged,” said the minister.
“But we are studying how to turn some of these constraints into our strengths. We have done this before with water, and we're looking at how we can do the same with, for example, low-carbon energy.”
Mr Siow also pointed to artificial intelligence, saying that Singapore must play to its strengths as the competition to be a global AI hub is “very, very stiff”.
“If we are able to be one of the three to four global AI hubs in the world, we will strengthen our economy and create good jobs for the future,” he said.
While Singapore has embarked on a national AI strategy, it can do more to coordinate efforts and open up more sandboxes in key industries like healthcare, logistics and finance, said Mr Siow.
Continue reading...